ISLAMABAD: The Ministry of Commerce has sent formal letters to both the Iran and Tajikistan to expedite completion of formalities to operationalize Economic Cooperation Organization Trade Agreement (ECOTA) under intra-ECO trade Economic Cooperation Organization.
The ECO is an organization of 10 Islamic countries namely Pakistan, Iran, Turkey, Afghanistan, Tajikistan, Kyrgyzstan, Kazakhstan, Uzbekistan, Turkmenistan and Azerbaijan. Despite cultural and geographical proximity, intra-ECO trade is far below its true potential.
In order to enhance intra-ECO trade, ECOTA was signed during the 2nd Ministerial Meeting on Commerce / Foreign Trade in July 17, 2003 by five out of ten ECO Member States namely, Afghanistan, Iran, Pakistan, Tajikistan and Turkey.
Sources at Commerce Ministry told Customs Today that the agreement had not been implemented as yet due to non-submission of Tariff Concession Lists by Iran and Tajikistan and non-ratification of Annexes to the Agreement.
Therefore, the source told that MoC had once again reminded both the Iran and Tajikistan to expedite completion of formalities so that the Agreement could be operationalized and intra ECO trade gathers pace.
In addition to expediting the process of operationalization of ECOTA, the source said that MoC would also host the 5th ECO- Ministerial Meeting on Commerce and Trade here in Islamabad next month (January 2018).
Previously, the source said that MoC organized 3rd Seminar on Trading Patterns in ECO Region in May last year. Pakistan Institute of Trade and Development (PITAD) organized 4th Seminar on Trading Patterns in ECO Region for the relevant government officers of the Member States of ECO Countries here in Islamabad in October this year. The Seminar provided opportunities to the officials of the ECO countries to discuss matters relating to Intra-ECO trade and to bring improvements in the regional trade flows.
